Mortgage Banker's Association
The Mortgage Banker's Association (MBA) is an American association representing the entire real estate finance industry with 2,200 member companies.[1]
In 2008 the Mortgage Banker's Association purchased a $79 million headquarters building in Washington, DC. In 2010, in a strategic default, the MBA entered into a short sale on its commercial loan, selling the building to CoStar Group for $41.3 million.[2][3][4][5]
In response, the Neighborhood Assistance Corporation of America, stated: "Clearly, they don't practice what they preach. They say there's a moral obligation for homeowners to repay their mortgages yet they don't believe that applies to them. This is why the American people are absolutely disgusted with bankers."[6]
Notes
- ^ About Mortgage Banker's Association
- ^ Adam Rust, Mortgage Bankers Association Succumbs to a Short Sale, Bank Talk, (February 8, 2010).
- ^ Mortgage Bankers Association Strategic Default, The Daily Show, October 7, 2010.
- ^ Baltimore Business Journal, February 8, 2010, CoStar leaving Md., makes D.C. move official, Sarah Krouse and Jonathan O'Connell, "CoStar Group Inc. purchased the Mortgage Bankers Association headquarters at 1331 L St. NW on [February 5, 2010]...CoStar is paying $41.25 million for the 168,000-square-foot Class A building, a bargain compared to the $76 million that the mortgage bankers group paid for it less than two years ago...The CoStar purchase will likely also provide welcome respite to the Mortgage Bankers Association, which laid off workers in 2009, saw membership decline and has become tangled in a suit with Tishman Speyer about an unpaid lease termination fee at 1919 Pennsylvania Ave. NW."
- ^ The Washington Post, February 6, 2010, Mortgage bankers group sells D.C. offices to Bethesda company; CoStar gets a bargain after commercial real estate market collapses, V. Dion Haynes, "The Mortgage Bankers Association moved into the building in 2008 just as the real estate market was crashing, and ended up paying millions of dollars more when interest rates rose. Moreover, the leasing market slowed considerably and the association had trouble getting other tenants into the 168,000-square-foot building...The industry lobbying group has struggled financially in recent years, as the market collapsed and lending dried up, with members dropping out as they lost their jobs. Its membership fell to 2,500 from 3,000, officials said in 2008...Florance said the association will remain in the building for about six months and then find a new home...."It's a little bit of irony that in the middle of the mortgage crisis brought on by the bad lending practices of many members of the Mortgage Bankers Association that they got caught up in the same problem," said Dean Baker, co-director of the Center for Economic and Policy Research, a liberal research group.
- ^ Guardian Unlimited, February 9, 2010 , US Mortgage Bankers Association sells HQ at $38m loss, Andrew Clark,